About 15 Year Balloon Mortgage
A balloon mortgage can be an excellent option for many home buyers. Your payment is amortized based on a 30 years, but at the end of your loan term, the remaining balance (a.k.a. the balloon) comes due. At that time you are required to refinance your loan balance or pay it off.
Balloon Mortgage Benefits
- Interest rate and monthly payment is set for 15 years.
- Lower monthly payments.
- Increased buying power.